The Auto Board

[MWM]

As mentioned earlier CNBC reports GM is offering Union members $10 bln in preferred stock at a 9% coupon and $10 bln in cash amortized over 20 years. CNBC says they have offered the bondholders 2 choices, and saying one of them is give, 8 cents in cash, 16 cents in unsecured debt and 90% equity in General Motors. CNBC reports they do not know the second part but know that it also involves equity.